Smart Contracts in the International Legal Space

Dec
10
2019

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Inthis article, we will consider the approaches of some states to the formation of a system of legal regulation of new technologies — smart contracts and blockchain technology. We would like to note that not all countries of the world have legislatively fixed these terms, and also not all countries of the world have defined the procedure for concluding smart contracts, resolved the issue of recognizing their legal force and the possibility of using such contracts as evidence in resolving court disputes.

In the article, we will pay special attention to the legal regulation of this problem in the legislation of Italy as a state, which was one of the first in the world to legally define smart contracts and distributed registry technology, as well as determine the procedure for concluding contracts.

The article indicates the directions in which the legislation on smart contracts and distributed registry technologies in different countries can be further developed, namely: amending the legislation on electronic commerce, on contracts, on information technologies, adoption of an independent regulatory legal act that regulated would be the given sphere of legal relations. At the same time, the most promising is the change in legislation on electronic commerce and contracts….